Pakistan’s real effective exchange rate (REER) – the country’s cost of international trade – improved to 99.85 points on the index in June, making exports viable and imports expensive mainly due to depreciation in rupee against the basket of major trading partners’ currencies. The real effective exchange rate below 100 means the country’s exports remain competitive and import expensive. The…
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The current account deficit (CAD) may pose a challenge to rupee stability in the coming days, despite record inflows of export receipts and workers’ remittances. The current account posted an unexpected $1.64 billion in June 2021. The monthly current account deficit deteriorated the full-year balance of payment. Analysts at Topline Research said the current account deterioration in June 2021 was…
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Vice President of Pakistan Businesses Forum (PBF) Ahmad Jawad has called upon the economic managers to intervene as once again the cost of one dollar is now equal to Rs162 despite remittances being good, the Current Account has been in surplus or close to it, and foreign exchange reserves are also at a record high. “With devaluation, there is inflation.…
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Korangi Association of Trade and Industry (KATI) President Saleem-uz-Zaman has termed the increase in the price of Liquefied Petroleum Gas (LPG) as unacceptable. He said that industries could not afford the frequent increase in LPG price. A further hike will also increase the cost of production. He said that the government is increasing the prices for industrial units frequently. Saleem…
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Electric cars — key to reducing emissions and meeting climate change goals — have boosted their market share in Europe, data showed on Friday, as the region prepares to abandon petrol and diesel. Battery electric vehicles more than doubled their share of new car sales in Europe in the second quarter, according to the European Automobile Manufacturers’ Association (ACEA) which…
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Asian spot prices for liquefied natural gas (LNG) jumped this week to a more than six-month high, as warm temperatures drove up demand for the fuel used in electricity generation, industry sources said. The average LNG price for September delivery into Northeast Asia LNG-AS was estimated at about $14.45 per metric million British thermal units (mmbtu), up $1.15 from the…
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Amid intensified efforts by Pakistan to get the work restarted on the Dasu hydropower project, Water and Power Development Authority (Wapda) Chairman retired Lt Gen Muzammil Hussain called on Chinese Ambassador Nong Rong here on Friday and discussed the matters relating to construction of the dam. “The matters relating to construction of Dasu hydropower project in the context of July…
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The Chinese provinces of Henan and Yunnan have failed to meet public expectations when it comes to tackling pollution and cleaning up their air, rivers and soil, the environment ministry said after the completion of inspections. The central government launched its fifth round of environmental audits in late May to see how Henan, Yunnan and six other provinces and regions…
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This summer alone has seen scorching heat domes smother parts of the US and Canada with record temperatures, and blistering heatwaves sweep across Pakistan. Torrential rain has caused devastating floods in China, as well as India, Germany, Belgium and Austria. And while fires are raging in Siberia, Madagascar is experiencing the world’s first famine caused solely by the climate crisis.…
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In the eighteenth century, English-led East India Company gradually managed to control most of India. Its rule was a disaster for India, but made many directors and stockholders of the company exceedingly rich. The wealth enabled many of them to play important roles in English political, intellectual and business life. As Adam Smith, an uncompromising critic of the Company, wrote:…
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